On Friday, April 19, HashKey, a crypto exchange, announced its decision to halt deposits and withdrawals from wallets associated with Binance, its rival company. In a notice to investors, HashKey stated that beginning May 10, the exchange would cease accepting deposits from crypto wallets linked to Binance or whitelisted on its platform, with withdrawals suspended on May 17.

Policy Adjustment

The Hong Kong-based company attributed the suspension of deposits and withdrawals from all known Binance wallet addresses to a "policy change" without elaborating further.

"In light of a policy adjustment, as of May 10, 2024, 00:00 UTC+8, HashKey Exchange will discontinue accepting any VA deposits from Binance-hosted wallet address(es), and as of May 17, 2024, 00:00 UTC+8, HashKey Exchange will discontinue accepting any VA withdrawals to Binance hosted wallet address(es)," the company stated.

While specifics regarding the policy change were not disclosed, HashKey assured users that the change solely pertains to transactions involving Binance wallets, and users with other types of addresses can continue to deposit and withdraw funds from the exchange without any restrictions.

Expansion and Strategic Collaborations

In addition to these operational adjustments, HashKey has been making significant strides within the industry after securing regulatory approval from the Hong Kong financial regulator to offer services to retail investors in the country.

Earlier this week, the company unveiled the launch of HashKey Global, a global digital assets trading platform catering to users outside Hong Kong. The exchange, operating under a license obtained in Bermuda, currently supports spot trading of 21 cryptocurrencies, including Bitcoin (BTC), Ethereum (Ether), and stablecoins like USDT and USDC.

HashKey's future plans include expanding its platform to support futures contracts and other forms of trading, along with integrating staking features.

Announcing the news, the company's COO, Livio Weng, expressed the intention to establish "the world’s largest clusters of licensed exchanges within the next five years, surpassing all current regulated exchanges."

Educational Initiative for Asian Crypto Enthusiasts

In January 2024, HashKey partnered with Animoca Brands to bolster the Web3 ecosystem in Asia. Under a memorandum of understanding (MoU), both companies aim to introduce cooperative opportunities on digital assets for individuals in the region, including an educational initiative to equip crypto enthusiasts with industry knowledge.

HashKey and Animoca Brands will collaborate on strategic developments to empower the Asian crypto landscape, enabling Animoca Brands to list certain digital asset products for trading on HashKey’s platform.